Listen to this articleA retail property in East Meadow has sold for $8 million.
The Diaz family, Long Island-based commercial real estate investors, purchased the 30,725-square-foot strip center on 2.18 acres at 2575 Hempstead Turnpike.
Also known as East Meadow Commons, the center is fully occupied by four tenants that include Texas Roadhouse and Dollar Tree. It has parking for 140 vehicles.
The sale price equates to a 6.54 percent cap rate.
Formerly one larger center, Nassau Financial Federal Credit Union, which had been a tenant, asked the former owner to subdivide the property. The credit union then purchased one of the two retail strips that were created.
The buyer was self-represented, while Daniel Abbondandolo and Joegy Raju of Cushman & Wakefield represented the seller, Nassimi Realty, in the sale of the four-tenant retail parcel.
“This was a complicated sale due to the recent subdivision of the property that divided the center into two parcels,” Abbondandolo said. “Due to a patient seller, we were able to accommodate the timing of the buyer’s 1031 requirement.”
The C&W brokers are also currently marketing another retail strip for Nassimi Realty in New Hyde Park. Manhattan-based Nassimi owns 44 commercial properties totaling more than 7.2 million square feet in 14 states.
